Distribución porcentual de respuestas 1/ 2/
|
2020 | 2021 | 2022 |
Jun
|
Jul
|
Ago
|
Sep
|
Oct
|
Nov
|
Dic
|
Ene
|
Feb
|
Mar
|
Abr
|
May
|
Jun
|
Jul
|
Ago
|
Sep
|
Oct
|
Nov
|
Dic
|
Ene
|
Feb
|
Mar
|
Abr
|
May
|
Incertidumbre política interna
|
12.4
|
13.0
|
14.3
|
11.7
|
10.2
|
10.8
|
10.5
|
14.8
|
18.6
|
18.9
|
18.4
|
22.9
|
15.2
|
14.4
|
15.2
|
12.7
|
12.8
|
15.7
|
15.3
|
14.9
|
14.9
|
12.6
|
11.4
|
13.5
|
Presiones inflacionarias en el país
|
0.0
|
0.0
|
0.0
|
0.0
|
0.9
|
0.0
|
0.0
|
0.0
|
1.0
|
0.0
|
1.8
|
0.0
|
4.8
|
4.5
|
3.8
|
7.8
|
6.8
|
8.8
|
11.7
|
13.2
|
8.8
|
11.7
|
15.8
|
13.5
|
Problemas de inseguridad pública
|
5.7
|
8.3
|
5.7
|
5.4
|
7.4
|
5.9
|
7.0
|
7.4
|
3.9
|
9.0
|
10.5
|
11.4
|
14.3
|
16.2
|
15.2
|
13.7
|
14.5
|
13.7
|
14.4
|
12.3
|
12.3
|
12.6
|
11.4
|
13.5
|
Aumento en precios de insumos y materias primas
|
0.0
|
0.0
|
0.0
|
0.0
|
0.0
|
0.0
|
0.0
|
0.0
|
0.0
|
0.0
|
0.9
|
3.8
|
3.8
|
2.7
|
3.8
|
3.9
|
6.0
|
5.9
|
5.4
|
3.5
|
6.1
|
8.1
|
7.9
|
6.3
|
Debilidad en el mercado interno
|
15.2
|
17.6
|
19.0
|
21.6
|
19.4
|
18.6
|
21.9
|
18.5
|
22.5
|
20.7
|
15.8
|
11.4
|
12.4
|
9.9
|
10.5
|
7.8
|
6.0
|
4.9
|
5.4
|
7.9
|
11.4
|
9.0
|
7.9
|
6.3
|
Incertidumbre sobre la situación económica interna
|
17.1
|
15.7
|
18.1
|
14.4
|
19.4
|
20.6
|
19.3
|
15.7
|
17.6
|
12.6
|
14.9
|
16.2
|
12.4
|
9.9
|
9.5
|
10.8
|
12.0
|
9.8
|
8.1
|
7.0
|
6.1
|
4.5
|
5.3
|
6.3
|
Falta de estado de derecho
|
1.9
|
0.9
|
3.8
|
4.5
|
4.6
|
4.9
|
3.5
|
3.7
|
6.9
|
8.1
|
8.8
|
8.6
|
8.6
|
9.0
|
9.5
|
6.9
|
7.7
|
9.8
|
9.0
|
7.0
|
6.1
|
8.1
|
5.3
|
6.3
|
La ausencia de cambio estructural en México
|
4.8
|
3.7
|
2.9
|
4.5
|
4.6
|
5.9
|
3.5
|
7.4
|
5.9
|
6.3
|
7.9
|
4.8
|
6.7
|
5.4
|
3.8
|
3.9
|
6.8
|
5.9
|
5.4
|
6.1
|
5.3
|
5.4
|
7.0
|
5.4
|
Inestabilidad política internacional
|
0.0
|
0.0
|
0.0
|
0.9
|
0.0
|
0.0
|
0.0
|
0.0
|
0.0
|
0.0
|
0.0
|
0.0
|
0.0
|
0.0
|
1.0
|
0.0
|
0.0
|
0.0
|
0.0
|
0.0
|
6.1
|
5.4
|
4.4
|
4.5
|
Corrupción
|
1.9
|
1.9
|
1.9
|
0.9
|
0.0
|
2.9
|
3.5
|
2.8
|
2.9
|
4.5
|
4.4
|
5.7
|
4.8
|
4.5
|
6.7
|
4.9
|
5.1
|
2.9
|
5.4
|
5.3
|
5.3
|
4.5
|
3.5
|
4.5
|
Factores coyunturales: política monetaria en Estados Unidos
|
0.0
|
0.0
|
0.0
|
0.0
|
0.0
|
0.0
|
0.0
|
0.0
|
0.0
|
0.0
|
0.0
|
0.0
|
1.9
|
0.9
|
1.0
|
1.0
|
0.9
|
1.0
|
0.0
|
3.5
|
3.5
|
2.7
|
2.6
|
3.6
|
Política de gasto público 4/
|
8.6
|
6.5
|
8.6
|
12.6
|
6.5
|
7.8
|
7.0
|
9.3
|
7.8
|
5.4
|
6.1
|
5.7
|
5.7
|
9.9
|
6.7
|
9.8
|
6.8
|
6.9
|
2.7
|
6.1
|
3.5
|
4.5
|
3.5
|
3.6
|
Contracción de la oferta de recursos del exterior
|
0.0
|
0.0
|
0.0
|
0.0
|
0.0
|
0.0
|
0.0
|
0.0
|
0.0
|
0.9
|
0.0
|
0.0
|
1.0
|
1.8
|
1.9
|
2.9
|
4.3
|
3.9
|
4.5
|
5.3
|
3.5
|
1.8
|
3.5
|
2.7
|
Impunidad
|
1.0
|
0.9
|
1.0
|
0.9
|
0.0
|
0.0
|
1.8
|
1.9
|
1.0
|
1.8
|
1.8
|
1.9
|
1.9
|
2.7
|
3.8
|
3.9
|
3.4
|
2.9
|
3.6
|
2.6
|
4.4
|
4.5
|
3.5
|
2.7
|
El precio de exportación del petróleo
|
0.0
|
0.0
|
0.0
|
0.0
|
0.9
|
1.0
|
0.9
|
0.0
|
0.0
|
0.0
|
0.0
|
0.0
|
0.0
|
0.0
|
0.0
|
0.0
|
0.0
|
0.0
|
0.0
|
0.0
|
0.0
|
0.9
|
1.8
|
1.8
|
Elevado costo de financiamiento interno
|
0.0
|
0.9
|
0.0
|
0.9
|
0.9
|
0.0
|
0.9
|
0.9
|
1.0
|
0.9
|
0.9
|
1.0
|
1.0
|
0.9
|
1.0
|
1.0
|
1.7
|
1.0
|
0.9
|
0.9
|
0.9
|
0.9
|
0.0
|
1.8
|
La política monetaria que se está aplicando
|
1.0
|
0.9
|
0.0
|
0.9
|
0.9
|
0.0
|
0.9
|
0.9
|
1.0
|
0.9
|
0.9
|
1.0
|
1.0
|
0.9
|
1.0
|
1.0
|
0.9
|
1.0
|
0.9
|
0.9
|
0.9
|
0.9
|
0.0
|
0.9
|
Los niveles de las tasas de interés externas
|
0.0
|
0.0
|
0.0
|
0.0
|
0.0
|
0.0
|
0.0
|
0.0
|
1.0
|
0.0
|
0.0
|
0.0
|
0.0
|
0.0
|
0.0
|
0.0
|
0.0
|
0.0
|
0.9
|
0.0
|
0.0
|
0.0
|
0.9
|
0.9
|
Plataforma de producción petrolera
|
2.9
|
1.9
|
1.0
|
0.9
|
0.9
|
1.0
|
1.8
|
2.8
|
0.0
|
2.7
|
0.9
|
1.9
|
0.0
|
2.7
|
1.9
|
2.0
|
0.9
|
0.0
|
0.9
|
0.0
|
0.0
|
0.0
|
0.0
|
0.9
|
Falta de competencia de mercado 4/
|
1.0
|
0.9
|
1.0
|
0.9
|
0.9
|
0.0
|
0.0
|
0.0
|
1.0
|
0.9
|
0.9
|
1.0
|
1.0
|
0.0
|
1.0
|
2.0
|
0.9
|
1.0
|
0.9
|
0.9
|
0.9
|
0.9
|
0.0
|
0.9
|
Aumento en los costos salariales
|
0.0
|
0.0
|
0.0
|
0.0
|
0.0
|
1.0
|
0.9
|
0.9
|
1.0
|
0.0
|
0.0
|
0.0
|
0.0
|
0.0
|
0.0
|
1.0
|
0.0
|
0.0
|
0.9
|
0.0
|
0.0
|
0.0
|
0.0
|
0.0
|
Debilidad del mercado externo y la economía mundial
|
24.8
|
22.2
|
21.9
|
17.1
|
18.5
|
16.7
|
14.0
|
9.3
|
3.9
|
3.6
|
3.5
|
2.9
|
1.9
|
0.9
|
1.0
|
2.0
|
0.9
|
1.0
|
0.9
|
1.8
|
0.0
|
0.9
|
1.8
|
0.0
|
Disponibilidad de financiamiento interno en nuestro país
|
0.0
|
0.0
|
0.0
|
0.0
|
0.0
|
0.0
|
0.0
|
0.0
|
0.0
|
0.0
|
0.0
|
0.0
|
0.0
|
0.9
|
0.0
|
0.0
|
0.9
|
1.0
|
0.9
|
0.0
|
0.0
|
0.0
|
0.0
|
0.0
|
El nivel de endeudamiento de las empresas
|
0.0
|
0.0
|
0.0
|
0.0
|
0.0
|
0.0
|
0.0
|
0.0
|
0.0
|
0.0
|
0.0
|
0.0
|
0.0
|
0.0
|
0.0
|
0.0
|
0.0
|
0.0
|
0.0
|
0.0
|
0.0
|
0.0
|
0.0
|
0.0
|
El nivel de endeudamiento de las familias
|
0.0
|
0.0
|
0.0
|
0.0
|
0.0
|
0.0
|
0.0
|
0.0
|
0.0
|
0.0
|
0.0
|
0.0
|
0.0
|
0.0
|
0.0
|
0.0
|
0.0
|
0.0
|
0.0
|
0.0
|
0.0
|
0.0
|
0.0
|
0.0
|
El nivel del tipo de cambio real
|
0.0
|
0.0
|
0.0
|
0.0
|
0.0
|
0.0
|
0.0
|
0.0
|
0.0
|
0.0
|
0.0
|
0.0
|
0.0
|
0.0
|
0.0
|
0.0
|
0.0
|
0.0
|
0.0
|
0.0
|
0.0
|
0.0
|
0.0
|
0.0
|
Factores coyunturales: política sobre comercio exterior (TLCAN, CPTPP, entre otros)
|
0.0
|
0.0
|
0.0
|
0.0
|
0.0
|
0.0
|
0.0
|
0.0
|
0.0
|
0.0
|
0.0
|
0.0
|
0.0
|
0.0
|
0.0
|
0.0
|
0.0
|
1.0
|
0.0
|
0.9
|
0.0
|
0.0
|
0.0
|
0.0
|
Factores coyunturales: política fiscal en Estados Unidos
|
0.0
|
0.0
|
0.0
|
0.0
|
0.0
|
1.0
|
0.0
|
0.0
|
0.0
|
0.0
|
0.0
|
0.0
|
0.0
|
0.0
|
0.0
|
0.0
|
0.0
|
0.0
|
0.0
|
0.0
|
0.0
|
0.0
|
0.0
|
0.0
|
Incertidumbre cambiaria
|
0.0
|
0.0
|
0.0
|
0.0
|
0.0
|
0.0
|
0.0
|
0.0
|
0.0
|
0.0
|
0.0
|
0.0
|
0.0
|
0.0
|
0.0
|
0.0
|
0.0
|
1.0
|
0.9
|
0.0
|
0.0
|
0.0
|
0.0
|
0.0
|
Inestabilidad financiera internacional
|
1.0
|
1.9
|
0.0
|
0.0
|
0.0
|
1.0
|
0.0
|
0.9
|
1.0
|
0.9
|
0.9
|
0.0
|
1.0
|
0.0
|
0.0
|
0.0
|
0.0
|
0.0
|
0.0
|
0.0
|
0.0
|
0.0
|
1.8
|
0.0
|
Política tributaria 4/
|
0.0
|
0.9
|
0.0
|
0.9
|
2.8
|
1.0
|
0.9
|
1.9
|
1.0
|
0.9
|
0.9
|
0.0
|
1.0
|
0.9
|
1.0
|
1.0
|
0.9
|
1.0
|
0.0
|
0.0
|
0.0
|
0.0
|
0.9
|
0.0
|
El nivel de endeudamiento del sector público 4/
|
0.0
|
0.9
|
0.0
|
0.0
|
0.0
|
0.0
|
0.9
|
0.9
|
1.0
|
0.9
|
0.0
|
0.0
|
0.0
|
0.9
|
1.0
|
0.0
|
0.0
|
0.0
|
0.0
|
0.0
|
0.0
|
0.0
|
0.0
|
0.0
|
La política fiscal que se está instrumentando 5/
|
N/E
|
N/E
|
N/E
|
N/E
|
N/E
|
N/E
|
N/E
|
N/E
|
N/E
|
N/E
|
N/E
|
N/E
|
N/E
|
N/E
|
N/E
|
N/E
|
N/E
|
N/E
|
N/E
|
N/E
|
N/E
|
N/E
|
N/E
|
N/E
|
Limitada capacidad instalada de producción
|
N/E
|
N/E
|
N/E
|
N/E
|
N/E
|
N/E
|
N/E
|
N/E
|
N/E
|
N/E
|
N/E
|
N/E
|
N/E
|
N/E
|
N/E
|
N/E
|
N/E
|
N/E
|
N/E
|
N/E
|
N/E
|
N/E
|
N/E
|
N/E
|
Situación de los bancos
|
N/E
|
N/E
|
N/E
|
N/E
|
N/E
|
N/E
|
N/E
|
N/E
|
N/E
|
N/E
|
N/E
|
N/E
|
N/E
|
N/E
|
N/E
|
N/E
|
N/E
|
N/E
|
N/E
|
N/E
|
N/E
|
N/E
|
N/E
|
N/E
|
Escasez de mano de obra calificada
|
N/E
|
N/E
|
N/E
|
N/E
|
N/E
|
N/E
|
N/E
|
N/E
|
N/E
|
N/E
|
N/E
|
N/E
|
N/E
|
N/E
|
N/E
|
N/E
|
N/E
|
N/E
|
N/E
|
N/E
|
N/E
|
N/E
|
N/E
|
N/E
|
Lenta recuperación de los salarios reales
|
N/E
|
N/E
|
N/E
|
N/E
|
N/E
|
N/E
|
N/E
|
N/E
|
N/E
|
N/E
|
N/E
|
N/E
|
N/E
|
N/E
|
N/E
|
N/E
|
N/E
|
N/E
|
N/E
|
N/E
|
N/E
|
N/E
|
N/E
|
N/E
|
Otros
|
1.0
|
0.9
|
1.0
|
0.9
|
0.9
|
0.0
|
0.9
|
0.0
|
0.0
|
0.0
|
0.0
|
0.0
|
0.0
|
0.0
|
0.0
|
0.0
|
0.0
|
0.0
|
0.9
|
0.0
|
0.0
|
0.0
|
0.0
|
0.0
|
Suma
|
100
|
100
|
100
|
100
|
100
|
100
|
100
|
100
|
100
|
100
|
100
|
100
|
100
|
100
|
100
|
100
|
100
|
100
|
100
|
100
|
100
|
100
|
100
|
100
|
Número de analistas que respondieron
|
35
|
36
|
35
|
37
|
36
|
34
|
38
|
36
|
34
|
37
|
38
|
35
|
35
|
37
|
35
|
34
|
39
|
34
|
37
|
38
|
38
|
37
|
38
|
37
|
|
Nivel promedio de preocupación de los analistas 3/
|
2020 | 2021 | 2022 |
Jun
|
Jul
|
Ago
|
Sep
|
Oct
|
Nov
|
Dic
|
Ene
|
Feb
|
Mar
|
Abr
|
May
|
Jun
|
Jul
|
Ago
|
Sep
|
Oct
|
Nov
|
Dic
|
Ene
|
Feb
|
Mar
|
Abr
|
May
|
Problemas de inseguridad pública
|
6.4
|
6.4
|
6.3
|
6.2
|
6.3
|
6.3
|
6.2
|
6.1
|
6.0
|
6.2
|
6.1
|
6.4
|
6.3
|
6.3
|
6.3
|
6.1
|
6.2
|
6.1
|
6.2
|
6.0
|
6.2
|
6.1
|
6.2
|
6.3
|
Falta de estado de derecho
|
6.2
|
6.0
|
6.2
|
5.9
|
6.1
|
6.0
|
5.9
|
5.9
|
5.9
|
5.9
|
5.9
|
6.1
|
5.8
|
5.9
|
5.7
|
5.6
|
5.7
|
6.1
|
6.1
|
5.9
|
6.0
|
5.9
|
5.9
|
6.1
|
Incertidumbre política interna
|
6.3
|
6.4
|
6.3
|
6.2
|
6.3
|
6.1
|
6.0
|
6.1
|
6.2
|
6.2
|
6.2
|
6.4
|
5.8
|
5.8
|
5.8
|
5.7
|
5.8
|
6.0
|
6.0
|
5.9
|
6.2
|
5.9
|
5.9
|
6.0
|
Corrupción
|
5.9
|
6.0
|
5.9
|
5.8
|
5.7
|
5.8
|
5.7
|
5.8
|
5.6
|
5.7
|
5.6
|
5.8
|
5.8
|
5.9
|
5.7
|
5.6
|
5.6
|
5.8
|
5.8
|
5.7
|
5.8
|
5.8
|
5.8
|
5.9
|
Aumento en precios de insumos y materias primas
|
3.5
|
3.5
|
3.8
|
3.6
|
3.9
|
3.9
|
3.7
|
3.8
|
4.1
|
4.6
|
4.6
|
4.8
|
5.0
|
4.9
|
5.2
|
5.2
|
5.4
|
5.4
|
5.6
|
5.5
|
5.7
|
5.8
|
5.8
|
5.8
|
Incertidumbre sobre la situación económica interna
|
6.4
|
6.5
|
6.5
|
6.3
|
6.4
|
6.4
|
6.3
|
6.2
|
6.3
|
6.2
|
6.0
|
6.2
|
5.8
|
5.8
|
5.9
|
5.9
|
5.8
|
5.9
|
5.8
|
5.9
|
5.9
|
5.7
|
5.8
|
5.8
|
Presiones inflacionarias en el país
|
3.0
|
3.4
|
3.6
|
3.5
|
3.8
|
3.7
|
3.4
|
3.5
|
3.5
|
4.0
|
4.3
|
4.4
|
4.7
|
4.8
|
4.9
|
4.9
|
5.1
|
5.4
|
5.5
|
5.6
|
5.6
|
5.6
|
5.8
|
5.8
|
Impunidad
|
6.0
|
6.0
|
5.9
|
5.7
|
5.7
|
5.7
|
5.7
|
5.8
|
5.7
|
5.8
|
5.7
|
5.8
|
5.8
|
5.8
|
5.7
|
5.7
|
5.7
|
5.8
|
5.8
|
5.7
|
5.9
|
5.8
|
5.6
|
5.8
|
Debilidad en el mercado interno
|
6.5
|
6.6
|
6.5
|
6.4
|
6.4
|
6.6
|
6.6
|
6.3
|
6.4
|
6.4
|
6.2
|
5.9
|
5.7
|
5.5
|
5.5
|
5.5
|
5.4
|
5.5
|
5.5
|
5.6
|
5.7
|
5.6
|
5.3
|
5.5
|
La ausencia de cambio estructural en México
|
5.5
|
5.6
|
5.6
|
5.5
|
5.6
|
5.7
|
5.5
|
5.7
|
5.8
|
5.8
|
5.8
|
5.9
|
5.6
|
5.5
|
5.6
|
5.5
|
5.6
|
5.6
|
5.6
|
5.6
|
5.6
|
5.6
|
5.4
|
5.4
|
Contracción de la oferta de recursos del exterior
|
5.4
|
5.2
|
5.0
|
5.1
|
5.3
|
5.0
|
4.8
|
4.6
|
4.4
|
4.3
|
4.4
|
4.3
|
4.0
|
4.2
|
4.0
|
4.4
|
4.7
|
4.8
|
4.7
|
4.9
|
4.8
|
5.1
|
5.1
|
5.2
|
Inestabilidad política internacional
|
4.7
|
4.7
|
4.6
|
4.6
|
4.8
|
4.4
|
4.0
|
3.8
|
3.7
|
3.6
|
3.4
|
3.5
|
3.3
|
3.3
|
3.5
|
3.4
|
3.4
|
3.3
|
3.3
|
4.0
|
5.0
|
5.3
|
5.1
|
5.2
|
Política de gasto público 4/
|
6.3
|
6.3
|
6.3
|
6.2
|
6.2
|
6.3
|
6.1
|
6.0
|
6.0
|
5.8
|
5.8
|
5.9
|
5.8
|
5.7
|
5.6
|
5.7
|
5.5
|
5.7
|
5.6
|
5.5
|
5.4
|
5.4
|
5.0
|
5.2
|
Falta de competencia de mercado 4/
|
4.6
|
4.6
|
4.7
|
4.5
|
4.7
|
4.7
|
4.6
|
4.5
|
4.9
|
4.7
|
4.9
|
4.8
|
4.9
|
4.8
|
5.0
|
4.9
|
4.8
|
5.0
|
4.9
|
5.0
|
5.0
|
5.0
|
4.8
|
4.9
|
Plataforma de producción petrolera
|
5.5
|
5.6
|
5.7
|
5.7
|
5.6
|
5.5
|
5.4
|
5.6
|
5.4
|
5.5
|
5.3
|
5.2
|
5.0
|
4.8
|
5.1
|
5.1
|
5.1
|
5.1
|
5.2
|
4.9
|
5.0
|
5.0
|
4.7
|
4.7
|
Debilidad del mercado externo y la economía mundial
|
6.7
|
6.5
|
6.5
|
6.3
|
6.3
|
5.8
|
5.6
|
5.2
|
4.6
|
4.1
|
3.7
|
3.9
|
3.8
|
3.7
|
3.5
|
4.0
|
4.0
|
4.1
|
3.8
|
3.8
|
3.9
|
4.3
|
4.5
|
4.6
|
Inestabilidad financiera internacional
|
5.7
|
5.4
|
5.3
|
5.2
|
5.3
|
4.9
|
4.6
|
4.4
|
4.5
|
4.3
|
4.2
|
4.1
|
3.9
|
3.9
|
3.7
|
3.9
|
3.7
|
4.0
|
3.7
|
4.1
|
4.4
|
4.6
|
4.6
|
4.6
|
La política monetaria que se está aplicando
|
3.1
|
3.2
|
3.1
|
3.1
|
3.1
|
3.3
|
3.2
|
3.2
|
3.1
|
3.1
|
3.2
|
2.9
|
3.4
|
3.2
|
3.2
|
3.4
|
3.5
|
3.9
|
3.6
|
4.0
|
4.1
|
4.0
|
4.2
|
4.6
|
Elevado costo de financiamiento interno
|
4.0
|
4.1
|
3.9
|
3.8
|
3.9
|
3.8
|
3.8
|
4.0
|
3.9
|
3.9
|
4.0
|
3.9
|
4.0
|
3.9
|
4.1
|
4.0
|
4.0
|
4.2
|
4.0
|
4.2
|
4.2
|
4.2
|
4.2
|
4.5
|
Política tributaria 4/
|
5.4
|
5.5
|
5.4
|
5.4
|
5.4
|
5.2
|
5.1
|
5.1
|
5.1
|
5.0
|
4.9
|
4.9
|
4.9
|
4.6
|
4.8
|
4.7
|
4.8
|
4.8
|
4.6
|
4.6
|
4.5
|
4.5
|
4.4
|
4.5
|
Aumento en los costos salariales
|
3.7
|
3.7
|
3.6
|
3.4
|
3.8
|
3.9
|
3.9
|
4.1
|
4.1
|
4.2
|
4.1
|
3.9
|
4.0
|
3.8
|
3.9
|
4.2
|
4.1
|
4.2
|
4.3
|
4.5
|
4.4
|
4.3
|
4.3
|
4.3
|
Factores coyunturales: política monetaria en Estados Unidos
|
2.2
|
2.2
|
2.2
|
2.2
|
2.1
|
2.2
|
2.1
|
1.9
|
2.5
|
2.3
|
2.4
|
2.4
|
2.6
|
2.5
|
2.5
|
2.8
|
2.6
|
2.6
|
2.6
|
3.6
|
3.6
|
3.7
|
4.1
|
4.2
|
Disponibilidad de financiamiento interno en nuestro país
|
4.1
|
4.3
|
4.1
|
4.3
|
4.2
|
4.3
|
4.3
|
4.3
|
4.4
|
4.2
|
4.2
|
4.1
|
4.1
|
4.1
|
4.1
|
4.3
|
4.2
|
4.3
|
4.3
|
3.8
|
3.9
|
3.8
|
3.8
|
4.1
|
El nivel de endeudamiento de las empresas
|
4.3
|
4.4
|
4.3
|
4.5
|
4.4
|
4.4
|
4.3
|
4.3
|
4.4
|
4.1
|
4.1
|
4.2
|
4.1
|
3.9
|
3.9
|
3.9
|
4.0
|
3.9
|
4.0
|
3.9
|
4.1
|
3.9
|
3.7
|
4.1
|
Los niveles de las tasas de interés externas
|
2.6
|
2.3
|
2.3
|
2.2
|
2.2
|
2.1
|
2.0
|
2.0
|
2.8
|
2.8
|
2.6
|
2.6
|
2.7
|
2.6
|
2.5
|
2.9
|
2.7
|
2.7
|
2.6
|
3.2
|
3.3
|
3.7
|
3.9
|
4.1
|
El nivel de endeudamiento de las familias
|
4.2
|
4.3
|
4.1
|
4.3
|
4.2
|
4.4
|
4.2
|
4.1
|
4.3
|
4.0
|
4.1
|
4.1
|
4.0
|
3.8
|
3.9
|
3.7
|
3.9
|
3.9
|
3.9
|
3.9
|
4.0
|
3.8
|
3.7
|
3.9
|
El nivel de endeudamiento del sector público 4/
|
4.8
|
4.9
|
4.8
|
4.8
|
4.9
|
4.7
|
4.7
|
4.5
|
4.3
|
4.2
|
4.2
|
4.2
|
4.1
|
4.1
|
4.0
|
3.9
|
3.9
|
3.8
|
3.9
|
4.0
|
3.9
|
3.8
|
3.7
|
3.8
|
Factores coyunturales: política sobre comercio exterior (TLCAN, CPTPP, entre otros)
|
4.1
|
4.1
|
4.0
|
4.0
|
4.0
|
3.9
|
3.6
|
3.4
|
3.5
|
3.4
|
3.3
|
3.5
|
3.3
|
3.2
|
3.3
|
3.6
|
3.7
|
3.5
|
3.4
|
3.5
|
3.6
|
3.5
|
3.7
|
3.6
|
El precio de exportación del petróleo
|
5.3
|
5.0
|
4.8
|
5.0
|
4.9
|
4.8
|
4.7
|
4.4
|
4.0
|
3.9
|
3.8
|
3.6
|
3.3
|
3.3
|
3.2
|
3.3
|
3.1
|
3.1
|
3.3
|
3.4
|
3.1
|
3.4
|
3.5
|
3.3
|
Incertidumbre cambiaria
|
4.9
|
4.6
|
4.4
|
4.6
|
4.5
|
4.0
|
3.8
|
3.8
|
4.2
|
4.0
|
3.8
|
3.7
|
3.7
|
3.6
|
3.6
|
3.7
|
3.6
|
4.2
|
3.9
|
3.7
|
3.5
|
3.4
|
3.4
|
3.2
|
El nivel del tipo de cambio real
|
3.9
|
3.7
|
3.8
|
3.8
|
3.8
|
3.7
|
3.4
|
3.5
|
3.5
|
3.2
|
3.3
|
3.2
|
3.2
|
3.2
|
3.1
|
3.3
|
3.2
|
3.5
|
3.4
|
3.3
|
3.3
|
3.3
|
3.3
|
3.1
|
Factores coyunturales: política fiscal en Estados Unidos
|
2.3
|
2.2
|
2.3
|
2.3
|
2.5
|
2.7
|
2.4
|
2.1
|
2.4
|
2.0
|
2.1
|
2.1
|
2.1
|
2.1
|
2.1
|
2.3
|
2.1
|
2.1
|
2.1
|
2.2
|
2.3
|
2.4
|
2.5
|
2.7
|
La política fiscal que se está instrumentando 5/
|
N/E
|
N/E
|
N/E
|
N/E
|
N/E
|
N/E
|
N/E
|
N/E
|
N/E
|
N/E
|
N/E
|
N/E
|
N/E
|
N/E
|
N/E
|
N/E
|
N/E
|
N/E
|
N/E
|
N/E
|
N/E
|
N/E
|
N/E
|
N/E
|
Otros
|
4.1
|
3.9
|
3.9
|
4.1
|
4.0
|
3.9
|
4.0
|
3.9
|
3.8
|
3.9
|
3.8
|
3.5
|
3.6
|
3.7
|
3.6
|
3.6
|
3.7
|
3.7
|
3.8
|
3.7
|
3.8
|
3.6
|
3.7
|
3.7
|
Número de analistas que respondieron
|
35
|
36
|
35
|
37
|
36
|
34
|
38
|
36
|
34
|
37
|
38
|
35
|
35
|
37
|
35
|
34
|
39
|
34
|
37
|
38
|
38
|
37
|
38
|
37
|